Published:
5:41 PM October 21, 2022
Updated:
5:47 PM October 21, 2022
While it can be devastating to lose money to an online scam, Michael Brown explains how some victims can reclaim what was lost
Online scams are becoming increasingly common. This is due to an ever more digital world, where online banking has become a staple of modern life, according to UK Finance, a trade organisation.
In fact, its research found that Authorised Push Payment (APP) scams, a type of online fraud, cost Brits over £583 million in 2021 compared to the £420 million lost the previous year.
If you have fallen victim to an online scam you will likely be thinking of how to recuperate your losses. Listed below are some steps you can take to try to win back your hard-earned cash.
Sending money via mobile banking
If you have sent money via your mobile app, you will need to alert your bank urgently and with as much detail as possible. This is because there is a slight chance that they may be able to cancel the transaction before it is completed, thus returning your money.
Since there is no guarantee that your bank will be able to stop the transaction, it is worth making sure your bank has signed up to the Authorised Push Payment Scam Code. Most high street banks adhere to this code, which entitles you to a full reimbursement if you have fallen victim to an APP scam. However, it does require you to prove that you did not act negligently when making the payment.
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